Luna Classic Falling Wedge

Unfortunately it is another red day for Terra Luna Classic (LUNC) as the price plummets to lows of $0.000251 over the last 24 hours. However, Terra Luna Classic is currently trading in a bullish reversal pattern known as a falling wedge so a reversal in price might be on the way.

We could potentially see a breakout to the upside if the bulls can gather enough momentum and push through the $0.000294 resistance trendline.

Can the bulls regain control over the price of LUNC?

Terra Luna Classic Price Prediction

Observing the price of Terra Luna Classic (LUNC) over the last few weeks has really demonstrated what the combined forces of community and utility can do. Even though Terra Luna Classic has dropped over 59% this week, the price of LUNC is still up by over 500% for investors who got in mid-June 2022.

Following the arrest warrant news regarding Terraform Labs founder Do Kwon, the price of LUNC has continued to be extremely bearish. LUNC has continuously been rejected off of the 20-day moving average on the 4 hour time frame which is also preventing the inception of a new uptrend.

Terra Luna Falling Wedge

LUNC/BUSD – Daily Time Frame.

Ever since Terra Luna Classic (LUNC) slipped away from the euphoric high of $0.000593 the price has followed a textbook falling wedge pattern. If LUNC can break out through the resistance trendline there is a good chance of retesting the 0.236 Fibonacci extension level which would result in a 25.31% increase in price from current levels.

Interestingly, this is not the first time Terra Luna Classic (LUNC) has seen over a 50% correction in the last 4 trading months. Week commencing 27th June 2022, Terra Luna Classic pumped up to $0.000165 and then corrected by 54.99% down to $0.00007766 by the 6th August 2022.

Terra Luna Classic Historical Price Data

LUNC/BUSD – Weekly Time Frame.

This reflects that whilst it is extremely bearish, it could be considered normal price action for Terra Luna Classic, especially considering the volatility and bearish sentiment of the market at present.

Following the first 50% correction, Terra Luna Classic (LUNC) pursued on with a bullish path and pumped by over 700%. There might still be a glimpse of hope that LUNC create a bullish reversal but I think it will take more sideways accumulation and another consolidation phase first.

If Terra Luna Classic (LUNC) fails to hold the $0.000254 support level there is a chance we might see negative continuation down to the next support level at $0.0002356.

Terra Luna Classic Video Analysis

According to Coinmarketcap the market capital for Terra Luna Classic (LUNC) now sits at $1.63 billion after seeing almost a 50% wipeout of valuation. LUNC is now ranked #34 amongst other cryptocurrencies. Whilst Terra Luna Classic (LUNC) can still retest previous resistance levels I think it is quite unlikely we will see another all-time high in the short-term.

LUNC is a community based token and with the morale and confidence on the low following recent FUD based around Do Kwon, the inception might not occur just yet and could lead to the bulls facing disappointment.

Terra Luna Classic (LUNC) or Tamadoge?

Terra Luna Classic has achieved fantastic results through the crypto bear market already, but after seeing a 1,250% gains in a crypto bear market asking for more can become dubious speculation.

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